Pershing Square Activist Presentation Deck

P&G is Showing Some Initial Progress... ► Improved U.S. market performance after very weak results last year ■ Currently ~65% of U.S. portfolio is gaining or holding share, up from 15% in June 2012 ■ Strong pricing interventions and improving innovation helping U.S. share position ► Good execution of cost savings program ■ COGS productivity and SGA savings being achieved ahead of plan ■ However, reinvestment and the cost of geographic expansion has not allowed for material margin improvement ► Strong capital allocation and good free cash flow productivity ■ Repurchasing approximately $6 billion of stock this year ■ Converting ~90% of net earnings to free cash flow 35

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